CoolWraps is a product that makes gift wrapping easier for people by allowing them to place their gift in a bag, close the seal, and blow a hairdryer onto it. The bag will shrink so that there is no free space and your gift is wrapped tightly, giving it a professional look.
Jeffrey Miller, creator of CoolWraps, first appeared on Shark Tank back in 2013.
Miller and his partner had come up with the product 10 years prior to the Shark Tank pitch, and it was already available on the market. They named it CoolWraps because of the impressive way it removed the need for rolls, tapes, and scissors in gift wrapping.
Although they had both come up with the idea, his partner had been reluctant to provide sufficient collateral for necessary loans. At the time of the pitch, Miller had complete ownership of the company; however, his lack of skills in sales had been an obstacle. This became pretty evident during his pitch to the Sharks when he became flustered while demonstrating the product to them.
Miller had come on Shark Tank to find a way to get the investment that he needed to put his product back on the market. He believed that it still had the potential to become huge, and hadn’t given up on it yet. He wanted to try his luck with the Sharks to see if they would be able to provide him with the required funds.
We all dread gift wrapping because of the hassle that comes with it, and that is exactly where CoolWraps steps in and does its magic. This product is unique because it provides an easier and simpler way to wrap gifts, a chore that people cannot escape. It is also very simple to use, and you don’t have to worry if your gift has an irregular shape.
Are They Still an Active Company?
Yes, they are active and still in business. The company still sells online.
How Did the Shark Tank Pitch Go?
Jeffrey Miller entered Shark Tank with the aim of getting a $100,000 investment for a 40% ownership in the company. He started his pitch by asking the judges about the last time they wrapped gifts because they wanted to. He then went on to say that he himself found gift wrapping to be quite bothersome and was terrible at it. This is how he came up with the idea of something that is much simpler and doesn’t take as much time.
CoolWraps can be used in three simple steps: stuff it, seal it, shrink it. He also did a demonstration for the judges by taking a few odd shaped items and wrapping them in these bags. But when Robert asked him about the pre-wrapped gifts on the table, he was caught a little off-guard, and his lack of talent for sales became clear.
Robert didn’t like this and opted out. However, Lori saw potential in the product and made an offer of $150,000 to buy Jeffrey out. Mark then entered and offered Miller $250,000 for the entire company and a 3% royalty. He asked for an immediate answer and seeing this as the best available option, Miller accepted Mark’s deal.
Miller was pretty satisfied when he left the panel, and it looked like the entrepreneur had managed to get what he was looking for.
Our Review of CoolWraps
We decided to try out this product for ourselves and see how useful it is.
We took a sample gift basket and placed it in a shrink wrap gift bag. The bag was bigger than our basket and didn’t look neat initially.
The good news is that after we used the hairdryer on the whole product, the parts of the bag that were sticking out, shrunk and became fitted around the irregular shape. The bag worked exactly like it was supposed to and we didn’t have to use a huge amount of tape to fix all the loose areas. Additionally, it is also very affordable and there are multiple bags in one packet therefore one pack can be used for many presents.
The bad news, however, was that it wasn’t the look we expected. The bag just clung tightly to the basket, taking away the aesthetic aspect of it. We also had to be extra careful with the hairdryer, since it could cling too much in one place if we didn’t control the heat.
Pros of CoolWraps
- You don’t need to use other materials like rolls, scissors, etc.
- Less clutter on your worktable
- Takes less time to wrap gifts
- It can also be used for irregular shaped gifts
Cons of CoolWraps
- Doesn’t make your gift look as aesthetically pleasing as it would look with a professional gift wrapper
- Takes away the pleasure of the traditional gift wrapping activity
- Kids cannot take part since using the hairdryer is not safe for them
- You cannot use it if you don’t have a hairdryer.
Who is CoolWraps for?
Overall, we would say that if you’re someone who just wants to get gift wrapping done and out of the way, then this product is right up your alley. But if you’re someone who wants to get very creative with the process, then we recommend that you go to town with your scissors and rolls.
Are There Any Alternatives?
At the time CoolWraps was shown on Shark Tank, it was a unique product, however now there are many others like it. Many companies have decided to enter the market of easy gift wrapping and make their own version of these shrinkable bags.
Shrink Wrap Basket Bags is a good alternative if you are unable to find CoolWraps. These bags work exactly the same: you place your gift inside and use a hairdryer to shrink the bag. These bags can be used on many occasions such as birthdays, Christmas, weddings, etc. The packing is made from PVC material so it can be used to wrap food items as well.
Our Final Thoughts
Although many people might be wondering whether this product is worth buying, it’s safe to say that it decreases the time you spent wrapping presents by A LOT. The whole cutting, folding, and sticking process is replaced by just one blow of the hairdryer. People who struggle with time management and face situations like a party invite directly after work will consider this a godsend.
It does take one or two tries to get used to it, but being able to buy gifts without worrying about the wrapping is definitely a plus point.